The Central Bank of Nigeria (CBN) announces restrictions on bankers' foreign exchange holdings in a bid to stabilize the forex market and foster financial prudence.
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has introduced a set of guidelines which it hopes will safeguard the financial system and promote economic stability as well as trigger currency appreciation.
The CBN ordered Deposit Money Banks to sell their excess dollar stock latest by the first of February, 2024 and warned lenders against hoarding excess foreign currencies for profit.